Features You Should Look for in a Rental Property

Finding the perfect rental home can be quite a challenge, especially for beginners. There are many different options you can choose. However, once you know what aspects you should look for in your rental property, you can make the hunt easier for yourself.

Updated Kitchen Appliances

If you are renting a new property, there is no reason why the appliances inside should be outdated. This is especially true for the appliances in your kitchen, including things like the oven, fridge, and dishwasher. Although it can be expensive to update all the appliances, you do not need to do so all at once. In this case, you should start with the more frequently used appliance first, which is most likely the stove and oven. This can make a positive difference in the rental property because it can raise the asking price. Updated appliances are also a major selling point to renters because they can see it as an investment for a better quality of living. Additionally, out of date appliances can be a liability, depending on how old they are.

Energy-Efficient Features

Nowadays, it has become increasingly important for homes to be energy efficient. Not only are energy efficient products better for the environment, but they are also a great way to save money on your power bills. One of the main energy efficient features a home may include is an alternative power source, like solar panels. Many modern appliances, like those mentioned above, are tested as energy efficient and will often do a better job with less electricity. Another feature energy efficient homes have is better insulation, including sealed windows and other openings. A well-insulated home takes less electricity because you will not lose heating or cooling through openings in your home.

Water-Efficient Appliances

One aspect of the energy efficient appliances mentioned above is that most are also water efficient as well. This means that the appliance uses less water to perform the same task. Less water means that you will have a lower water bill as well. Water efficient appliances could be your dishwasher or washing machine. For example, each washing cycle would use less water to wash clothes compared to a standard washing machine. When renting a home with water-efficient appliances, be sure to emphasize that they are not sacrificing cleanliness with water-efficient products. If the same result can be reached with a different product that is cheaper in the long run, there is no reason why you should not take advantage of it.

Hardwood Floors

Even something as simple as the flooring can drastically change the rentability of your home. In most cases, hardwood floors are the best option for any rental home. This is because hardwood flooring is typically easier to clean. Although carpeting can be more comfortable to walk on, it can also hold stains and trap dirt more than hardwood flooring. Additionally, when you are renting a home, you cannot control how well or often they clean the property. As a result, you need to be able to clean floors easily between leases. If your rental home allows pets, hardwood floors are a must. Many puppies shed frequently, creating a mess that needs to be cleaned after tenants leave. With hardwood flooring all you need to do is vacuum the floor and polish the wood in preparation for a new tenant.

Convertible Spaces

Predicting how each potential tenant will decorate the rooms in your rental home. While staging a home can give them a good idea on how a room could be used, it is ultimately up to the renters how they will take advantage of the space. To cater to this, it is important for you to find rental properties that have space for flexibility. For example, although a room might be staged as a bedroom, it can be converted into a home office. This helps potential tenants picture themselves living in your rental space because they can make it their own.

Neighborhood Amenities

When it comes to a rental home where tenants can frequently change, you need to highlight the neighborhood as well. People need to be attracted to the location almost as much as the home itself. This is particularly true if you are renting out to families because they prioritize homes near good schools and public parks. In a way, you are not only selling the home, but the neighborhood as well. People tend to like homes that are close to grocery stores, parks, and shopping malls. A good location can be a major selling point for rental homes because they can feel as though they are part of the community even if they are only living there for a short-term basis.

Covered Garages

Depending on where your rental property is, it might be a good idea to find a home with a covered garage. For example, if you are living somewhere with inclement weather like snowstorms, a covered garage is a must to keep cars out of the elements. Potential tenants will see a covered garage as a major bonus because they care about their cars too. Covered garages also provide another storage space for things like garden tools or boxes of keepsakes because it keeps the storage out of the way. Additionally, a covered garage is an effective way to protect your tenants’ cars from theft or damage.

Overall Quality

Tenants do not want to move into a home that requires a lot of work, even if they are just planning to rent. When looking for a rental property, you are looking for the total package. The home needs to have a fresh paint job and be built well. Sometimes, rental homes are built by cutting corners to save money. However, if you want to make your tenants happy in the long run, you will only rent out the very best. This way you will get a higher return on investment.

Renting out a property allows you to be part of making a tenant’s dream come true. To make your property more sought out, you should keep your tenants in mind and find a home they would want.

Read this next: Common Concerns Homeowners Have When Selling

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